The Real Estate Institute of Western Australia (REIWA) revealed on Monday that house sales in Pilbara region had increased significantly during the June quarter this year.
Tthe improvement was headlined by an increase in sales activity in Karratha and Port Hedland, up by 24.7% and 16.1%, respectively. Annual sales in both spots also rose, with Karratha ticking up 41.2% and Port Hedland seeing an improvement of 5.2%.
As a result of these sales increases, home listings dropped accordingly, as 27.4% fewer properties for sale were recorded in Karratha compared to the June 2017 quarter, while Port Hedland saw a 32.3% drop.
REIWA President Hayden Groves said that that Pilbara region is currently in a position to encourage healthy competition in the market.
“With sales activity increasing significantly this quarter, listing stock in the Pilbara region is now being absorbed at such a rate that there’s genuine competition amongst buyers for quality properties.”
The report also highlighted the stabilisation of house prices in Karratha and Port Hedland. Karratha’s median house price is expected to settle at $315,000 for the June 2018 quarter, while Port Hedland’s median house price should sit at $205,000.
Interestingly, both median house prices have performed well over the last year, with minimal changes in either price.
Groves is convinced that the region will continue to register positive results and contribute to economic development moving forward.
“The Pilbara region is one to watch over the next 12 months. The announcement of three new mining projects in the region by BHP, Rio Tinto and FMG has gone a long way to restoring confidence in the area,” he said. “These new projects are expected to create 20,000 local jobs in the 2018-19 financial year, which will support population growth in the region and improve demand for housing in the area.
“It’s no secret the Pilbara region’s housing market was greatly affected by the WA market downturn. However, the June 2018 quarter results are very encouraging and indicate the Pilbara region is finding its feet again.”
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